Is there any Good News for US Manufacturing?
For once, and a definite welcomed change, there is good news for United States Manufacturers that lend to the notion the American manufacturing is on the up and up, after experiencing so many down years in the last couple of decades. The following information will shed some light on the happenings that would enable one to believe that United States manufacturing is officially on the turn for the better:
In 2013, American manufacturing contributed well over two trillion dollars to the United States economy, an increase in the total figure from 2012 by almost a billion dollars. This figure represented over twelve percent of American Gross Domestic Product (GDP). To provide an exact account for what this represents for the United States economy, for every dollar spent in American manufacturing, an additional $1.32 is added back to the economy. This has now become the highest U.S. multiplier effect of any economic sector.
Today, American manufacturing supports an estimated seventeen and a half million jobs in the United States, which equals to about one in six private sector jobs. Nearly thirteen million Americans are employed directly by United States manufacturers, which makes up roughly ten percent of the U.S. workforce. This is obviously great news, considering that the United States has spent nearly a decade worrying about the rise in U.S. joblessness concerning American citizens. One of the most influencing factors to the decrease in the U.S. unemployment figure has been the increase in American manufacturing over the last couple of years.
In 2013, the average manufacturing worker in the United States earned close to seventy-eight thousand dollars annually, this includes pay and benefits. In comparison, the average American worker related to all industries earned just over sixty-two thousand dollars annually, including pay and benefits. What this means is that garnering employment as a manufacturer in the United States has become a much more attractive proposition, as manufacturing jobs in the U.S. offer outstanding pay and benefits, much more so than most other types of American jobs. With the rising costs of living in the United States, more people will seek education related to American manufacturing, then look for long term employment in an industry that can afford a person to live substantially.
United States manufacturers have become the most productive manufacturers in the world, now far surpassing the worker productivity of any other major manufacturing economy. This fact has directly led to the increase in wages and living standards mentioned in the previous paragraph. As it stands now, American manufacturing would theoretically be the eighth largest economy in the world. In addition, United States manufacturers perform two-thirds of all private sector research and development in the nation, driving more innovation than any other private sector position.